Apollo Global Management (NYSE:APO) 

The firms announced on Tuesday that funds managed by Apollo Global Management (NYSE:APO) had reached an agreement to sell Hamoni Towers, a portfolio company of Palistar Capital LP, Parallel Infrastructure, a cellular tower platform, and build-to-suit supplier.

The transaction’s terms, which are anticipated to be finalized in Q3 2022, were not made public.

In 2020, Apollo (NYSE:APO) purchased Parallel through its second flagship infrastructure fund in a corporate carve-out transaction (AIOF II). Parallel was established by the private equity company as a stand-alone tower platform, and it nearly doubled in size in just two years. The transaction marks AIOF II’s initial realization for Apollo.

With more than 2,000 built and under construction towers, they claimed the union of Harmoni and Parallel would create the second-largest private independent tower firm in the United States and the fifth-largest tower company overall. The combined company should develop even more, according to the new proprietors.

Palistar Capital LP

Palistar Managing Partner and founder, Omar Jaffrey, stated that the company “expects, over time, to contribute in excess of $1 billion via equity and debt funding into the merged platform in order to encourage the evolution of the business.” 

After Melody Investment Advisors purchased 90% of the business from Uniti Group in 2020, encompassing more than 500 buildings, Uniti Towers changed its name to Harmoni Towers. In April 2022, Palistar Capital took the place of Melody.

Once Parallel is joined with builder Harmoni Towers LLC, the result will be one of the biggest cellphone infrastructure companies in the United States, with more than 2,000 sites either running or under development across 41 states, according to New York-based Palistar. Harmoni was purchased by Palistar in June 2020.

Apollo is a multi-national, rapidly expanding alternative asset manager. With an emphasis on three business strategies—yield, hybrid, and equity—Apollo attempts to offer its customers excess return at every position along the risk-reward continuum, from investment grade to private equity.

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